Page 35 - Stellar IAR2015

ELEMENTS OF REMUNERATIONThe Group Remuneration comprises the following principal elements: • Total Guaranteed Package; and• Short term incentives.REMUNERATION PHILOSOPHYThe Remuneration philosophy is as follows and is reviewed annually:SALARY STRUCTUREAll executive directors and support sta are remunerated on a total cost-to-company (CTC) structure, where applicable. All employee costs, save for non-executive director fees and executive director remuneration exceeding R20 000 per month, are recovered by the Company from the Manco.SALARY BENCHMARKINGTo ensure autonomy, position benchmarks may be undertaken for remuneration packages, which allows for exibility. In the event of a new appointment, a position speci c benchmark report may be requested from a reputable survey company to ensure external equity.BENEFITSThe CTC package may include the following bene ts which must be structured over twelve months: • Basic salary; and• Any other bene ts as determined from time to time.ANNUAL SALARY INCREASESIncreases for executive directors and support sta are not guaranteed. Annual increases will be considered by the Remuneration Committee. Salaries are normally reviewed annually. Should an executive director or support sta member be granted an increase, the following factors may be considered in determining the increase:• Position against the market;• Performance; and• Enhanced quali cations related to the position.Interim increases may be granted in exceptional circumstances where there have been consequential changes in the position such as a change in market conditions, or promotion.NON-EXECUTIVE DIRECTORS’ FEESThe proposed fees for the forthcoming nancial year which will be presented to shareholders at the next annual general meeting, are:STELLAR CAPITAL PARTNERS | 31Chairman of the BoardNon-executive DirectorChairman of Audit and Risk Committee Member of Audit and Risk Committee Chairman of Remuneration Committee Member of Remuneration Committee Chairman of Nominations Committee Member of Nominations Committee Chairman of Social and Ethics Committee Member of Social and Ethics CommitteeR325 000 R300 000 R100 000R75 000 R100 000 R100 000R50 000 R50 000 R25 000 R25 000The Group pays for all travel and accommodation expenses incurred by directors to attend Board and committee meetings, as well as for site visits.Details of the executive and non-executive directors’ fees are detailed in note 27 on page 85.